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Automotive Chrome Accessories Market

Automotive Chrome Accessories Market

Automotive Chrome Accessories Market Analysis, By Product Type (Body Side Molding, Door Handles, Grille Covers, Mirror Covers, Tail Light Covers, Fog Lamp Overlays & Rings), By Vehicle Type (Passenger Vehicles, LCV, HCV), By Sales Channel, By Region - Global Forecast 2022-2032

Automotive Chrome Accessories Market
FACT141MR
  • May-2022
  • List of Tables : 56
  • List of Figures : 94
  • 170 Pages
  • Automotive

Automotive Chrome Accessories Market Outlook (2022-2032)

The global automotive chrome accessories market is forecast to expand at a CAGR of 2.8%, thereby increasing from a valuation of US$ 8.7 billion in 2022 to US$ 11.5 billion by the end of 2032.

Report Attributes

Details

Automotive Chrome Accessories Market Size (2021A)

US$ 8.5 Billion

Estimated Year Value (2022E)

US$ 8.7 Billion

Projected Year Value (2032F)

US$ 11.5 Billion

Global Market Growth Rate (2022-2032)

CAGR 2.8%

Europe Market Share (2021)

~25%

Europe Growth Rate (2022-2032)

CAGR ~3.1%

Collective Value Share (Germany, China, India) 2022: Top 3 Countries

~38%

Top 5 Companies’ Market Share (2021)

~24%

Key Companies Profiled

  • HELLA KGaA Hueck & Co.
  • Oakmore Pty Ltd.
  • Thule Group AB
  • Covercraft Industries LLC
  • Lund International Inc.
  • Pep Boys - Manny
  • O'Reilly Automotive Inc.
  • Moe & Jack
  • U.S. Auto Parts Network Inc.
  • Fratelli Menabo' Srl
  • Mont Blanc Industri AB
  • Other Prominent Players

Worldwide sales of automotive chrome accessories accounted for around 2% of the global automotive accessories market share in 2021. The global automotive chrome accessories market is estimated to offer an absolute $ opportunity of US$ 2.8 billion over the forecast years of 2022-2032. 

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Demand Analysis of Automotive Chrome Accessories (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)

Automotive chrome accessories improve the overall aesthetics of vehicles. Having an exceptional shine and resistance to tarnishing, these accessories communicate a sense of luxury and style at affordable costs to vehicles. The trending wave of vehicle customization and improving vehicle aesthetics is gaining paramount importance among consumers.

Consumers in developing economies, which are production and sales hubs, are opting for vehicle premiumization. Growing Asian and Latin American economies are fueling constant demand for automotive chrome accessories.

Thus, this is estimated to drive market demand for external and internal automotive accessories, and support market growth by 1.2X over the forecast years.

Fact.MR, a market research and competitive intelligence provider, projects the automotive chrome accessories market to witness growth at 2.8% during 2022 and 2032 in comparison to 1.6% CAGR from 2017 and 2021.

What’s Aiding Demand Growth of Automotive Chrome Accessories?

“Chrome Trim Products to See Steady Sales Going Forward”

Automotive chrome accessories enhance the aesthetics of vehicles along with improving vehicle resistance to weather conditions. Chrome trims allow the features of the vehicles to stand out as the OEM factory finishes providing a luxurious aesthetic appeal to the vehicle.

Chrome usage provides for versatility and diversity, which is likely to sustain the sales of automotive chrome accessories. Therefore, this is estimated to support market growth by 1.3X during forecast years of 2022-2032.

“Vehicle Customization Trend Uplifting Market”

In developing economies of Asia and Latin American, the trend of vehicle customization is gaining traction among vehicle owners. Consumers are investing in leisure and luxury to provide an aesthetic appeal to their vehicles.

This is fueling demand for automotive exterior accessories, including chrome-plated automotive chrome accessories. This is estimated to support market demand by ~21% of current demand levels over the coming years.

Moreover, the automotive aftermarket also offers custom-made accessories such as rain guards, pillar post trims, and bug shields, for a wide range of vehicles. Additionally, sales are likely to increase owing to escalating online market penetration, which is expected to play greater role in the sales of automotive chrome accessories.

All the above listed factors are estimated to provide a gain of 250 BPS to the automotive chrome accessories market during forecast years.

Automotive chrome accessories market forecast by Fact.MR

What Restraints are Manufacturers of Automotive Chrome Accessories Facing?

“Easy Availability of Affordable Plating Materials Act as Substitute”

Rising health concerns regarding the usage of chrome for plating nickel, coupled with deteriorating chrome supply, is evolving as a replacement for hard chrome plating done in automotive chrome accessories. Several automakers and metal finishing providers are shifting to nickel-based alloys as they offer the advantage of being an efficient corrosion-resistant alternative.

Moreover, consumers are widely accepting nickel as it serves as an under coat, effective top coat, and provides a kind of unique silver white finish to the vehicle.

As such, chrome-plated accessories are estimated to see market growth decline by 0.7X owing to the presence of alternatives such as media-blasting powder coating, bare metal coating, creative plating, DIY plating, spray-on-plating, and durable ABS plastic.

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Region-wise Insights

Which Region Accounts for Highest Demand for Automotive Chrome Accessories?

“Europe to Remain Leading Market for Automotive Chrome Accessories”

The Europe automotive chrome accessories market accounts for the largest market share of 24.9%.

Shorter lifespan of few vehicle trim parts such as front grills, taillight covers, and mirror covers, along with higher replacement rate is fueling market growth. Additionally, the escalating trend of vehicle customization witnessed among consumers is supporting market growth for automotive chrome accessories market.

The market in this region is projected to expand at a CAGR of 3.1% during the forecast years of 2022-2032.

What is the Market Scenario in East Asia and South Asia & Oceania?

“Rising Vehicle Production Coupled with Low Manufacturing Costs”

The East Asia and South Asia & Oceania automotive chrome accessories markets hold 21.2% and 20.5% market share, respectively.

Rapidly growing vehicle production in these regions, coupled with escalating presence of automotive and equipment manufacturers, along with inexpensive land and labor rates, is driving the market in both regions.

The South Asia & Oceania and East Asia automotive chrome accessories markets are projected to expand at CAGRs of 3.5% and 3.3% during the assessment period.

Category-wise Insights

Which Automotive Chrome Accessories Account for Highest Sales?

“Door Handles & Body Side Moulding Accessories Most Demanded”

Automotive chrome accessories are available under different product types, such as grille covers, mirror covers, door handles, body side molding, head lamps, tail light covers, etc.

Amongst them, door handles and body side moulding hold approximately 17.8% and 14.7% market share, respectively. The door handles and body side molding segments are projected to expand at CAGRs of 3.5% and 3.3% through 2032.

Higher growth of these segments is attributed to the regular replacement rate witnessed, coupled with higher costs of automotive chrome accessories. Additionally, these accessories are also replaced due to minor accidents of the vehicles. Thus, this is expected to fuel market growth over the coming years.

Which Vehicles See Most Usage of Automotive Chrome Accessories?

“Passenger Vehicles Segment to Account for Most Usage”

Passenger vehicles account for the largest market share of 38.7%.

Significant increase in the vehicle ownership rates of passenger vehicles meeting the needs of a wide range of consumers is estimated to be the prime contributor for the growth of this segment.

Enhancements in affordability and customization in passenger vehicles facilitated by financial companies, coupled with improved standard of living, is expected to drive segment expansion at a CAGR of 3.4% over the forecast years of 2022-2032.

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Competitive Landscape: Top Companies in Automotive Chrome Accessories Market

The global automotive chrome accessories market is highly fragmented and competitive owing to the existence of several international and regional players. Acquisitions, expansions, collaborations, and partnerships are rife within this industry. New product development is also adopted by leading companies to upscale their market presence.

For instance :

  • HELLA KGaA Hueck & Co. and Faurecia, in 2021, entered into a partnership to combine their businesses. This partnership will help in their expansion in key growth areas such as vehicle interior design, automated driving, and electric mobility.
  • Audax Private Equity, in 2021, announced a major investment in Covercraft Industries LLC. This partnership will enable the company to grow its consumer base along and product portfolio.

Fact.MR has provided detailed information about the price points of key manufacturers in the automotive chrome accessories market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Automotive Chrome Accessories Industry Survey by Category

  • Automotive Chrome Accessories Market by Product Type :

    • Body Side Molding
    • Door Handles
    • Grille Covers
    • Mirror Covers
    • Tail Light Covers
    • Third Brake Light Covers
    • Fuel Tank Door Covers
    • Fog Lamp Overlays & Rings
    • Head Lamp Overlays & Rings
    • Miscellaneous Chrome Trim Accessories
  • Automotive Chrome Accessories Market by Vehicle Type :

    • Passenger Vehicle Automotive Chrome Accessories
    • Light Commercial Vehicle Automotive Chrome Accessories
    • Heavy Commercial Vehicle Automotive Chrome Accessories
  • Automotive Chrome Accessories Market by Sales Channel :

    • OEMs
    • Aftermarket
  • Automotive Chrome Accessories Market by Region :

    • North America Automotive Chrome Accessories Market
    • Latin America Automotive Chrome Accessories Market
    • Europe Automotive Chrome Accessories Market
    • East Asia Automotive Chrome Accessories Market
    • South Asia & Oceania Automotive Chrome Accessories Market
    • MEA Automotive Chrome Accessories Market

- FAQs -

The global automotive chrome accessories market is worth over US$ 8.7 billion in 2022.
Demand for automotive chrome accessories is set to surpass US$ 11.5 billion by 2032.
From 2017 to 2021, the global market for automotive chrome accessories expanded at 1.6% CAGR.
Some of the prominent players in the automotive chrome accessories market are HELLA KGaA Hueck & Co., Oakmore Pty Ltd., Thule Group AB, and Covercraft Industries LLC.
Europe leads the global automotive chrome accessories market accounting for 24.9% market share in 2022.
Door handle chrome accessories hold 17.8% share in the global sales of automotive chrome accessories.

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